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Your fitness band could be selling your personal data

Your fitness band could be selling your personal data
FitBit

The next big deal in the tech world is the "Internet of Things." This basically means everything in your life - from stove tops and washing machines to thermostats and fitness equipment - will connect to the Internet.

Click here to learn about five futuristic connected gadgets you'll want in your home.

This could lead to some cool situations, like your stove knowing where to find the right ingredients in your pantry, or your washing machine helping you schedule who is doing laundry when.

But, predictable, as an in-depth article from Parmy Olson and Aaron Tilley at Forbes reveals, the companies behind these technologies are already finding ways to cash in on your information.

Nest, the maker of a popular smart thermostat, is working with utilities to bring down electricity usage. To do this, it collects information about when you're at home and your habits.

Then it lets the utility company adjust your thermostat during peak hours to reduce the load on the power grid. Of course, you opt in to this program. The incentive is that the utility company will pay you $30 to $50 a year for the privilege.

Similarly, fitness tracker FitBit is working with businesses and insurance companies to bring down health care costs. You wear a FitBit tracker around everywhere proving that you're being active, and you pay less on your insurance.

Both Nest and FitBit give away their product for free or at a reduced cost and then make money off of managing your data for the utilities and insurance companies. And this is just the tip of the iceberg.

So, are you willing to trade convenience and lower costs for your personal information? Let me know in the comments.

Source: Forbes
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